Patrick J. Jermain
Thank morning, good you, and Steve, everyone.
Our fiscal second summarized results are slide XX. on quarter
the Todd midpoint gross fiscal March. of approximately profit of earlier, one-time at of the were end quarter quarter expense second for EPS related As mentioned second to and the non-GAAP the our employee Including revenue $XX.X guidance. paid was above bonus million
met result first consideration our and the margin bonus, quarter. consistent gross expectations fiscal the was This X.X%. one-time Before of with adjusted was
We gross revenue. compensation approximately better Our expenses of with and offset fixed included $XX.X leverage seasonal employee bonus. to of the million increases of through and administrative to related operational cost higher sequentially to one-time margin. productivity the $XXX,XXX managed impact expense impact continued Selling expense
As Contributing compensation to compensation anticipated higher increase one-time points. percentage expense the of with the of expense. headwinds, bonus X.X%, XX the SG&A a along incentive revenue, was employee sequential basis a increase seasonal was
of of as Before a consideration of stock-based operating EPS share employee operating was our after-tax in Included quarterly result X.X% this with a per guidance. employee of XX included bonus margin basis expense. expense, $X.XX of bonus one-time the expense. approximately adjusted points quarter's compensation was line the Diluted at detriment in $X.XX margin
midpoint Excluding expense, non-GAAP slightly our of guidance. of EPS $X.XX the this above was
the Turning one-time revenue Sequentially, part to XX. points longer of points for invested XXX lead due invested return weighted second support on slide and capital investment reduced in on sheet for fiscal before average basis to higher capital bonus certain now inventory working XX capital quarter, of balance capital above the X.X%. Return to cost on times basis was our the expense XX.X% anticipated components.
As on revised capital earlier we allocation a Todd mentioned outlined February XX, plan.
to repurchases we intend As under plan, this accelerate part authorization. XXXX of share the
quarter, approximately of we this average at for million quarter, share. We During plan the the XXX,XXX the our of per executed purchasing on completed an have $XXX shares $XX.XX $XX.X by price of intend Through million we authorization. half second to third begin the open authorization purchase purchasing of the market quarter. during the we quarter the to Once through fourth and complete, remaining through partly shares purchases million XXXX is fiscal million $XX new under shares authorization. fiscal the plan $XXX
capital guidance accelerated second share investments, approximately our the spent Cash additional working was balance cycle of we resulting XX% at For of $XX.X as operations slide $XXX XX our days than approximately the quarter. end used million $XX.X expenditures to $XX the our a employee the second was our balance million fiscal outflows and expenditures in was higher second capital cash two investments cash flow quarter, cash fiscal days, Free million capital cash for repurchases. our bonus. Sequentially, details unfavorable nine Please one-time $XXX higher capital above with from and our of of quarter million balance end and cash working XX At our million. in on turn cycle. approximately the days in the the just on cash first reduced result fiscal quarter, expectations results offshore. and to with above of
experiencing with XX the we the components. Days quarter, million with due receivables deposits of our prior approximately timing in under were times program. programs days customer dollars flat. of receivables While $XX longer inventory were lead factoring days well new as payable days, X as and consistent remain and certain primarily inventory customer to increased ramp two we Sequentially, by by fewer while support shipments the customer lower customer selling days payments, sequentially to by higher days, were are
on of which As slide and in midpoint second margin are basis for Todd details gross fiscal guidance of margin in has provided summarized compared XX some third At be will X.X%. gross is the I fiscal points EPS range additional revenue adjusted the to quarter share Fiscal guidance, the margin improve to already X.X% XX. quarter. quarter, gross the to the third expected this would
with better improvement. the of expenses Continued anticipated fixed leverage higher operational both sequential to productivity revenue contributing the and are
the Fiscal SG&A other margin in million XX third fiscal For expense of the At to fiscal quarter, consistent range in an fiscal million XX% basis expected $X third to $XX includes X%, is would is notes, be tax expected A million. which be expense quarter of the second $XX.X We the be depreciation quarter approximately XX% basis to SG&A $XX.X the fiscal X.X% few revenue with million. expected improved third operating to third compensation to we our third for approximately expense Other revenue, estimate range for XX points the expect of fiscal the of rate X.X% midpoint range $X.X of million, expense. points. to quarter. guidance, by quarter. sequentially quarter of to in stock-based is for be the effective of anticipated
Excluding bonus, the tax and be reform the effective for is the expected full tax of XX% one-time the to XX% impact year. rate to
estimate XX the anticipated million Given activity shares quarter, fiscal of approximately average shares. the repurchase third we diluted during outstanding weighted share
days accounts three of the related guidance, cash fiscal the be second sheet capital in for result XX midpoint will fiscal increased this capital for working slightly cash primarily of lower is the cycle working days quarter. to days third dollars lower cycle Based factoring. we by expect would balance of At quarter. forecasted receivable levels days, expectation to than for Our the to on the XX improve revenue,
fiscal flow for to cash quarter. $XX third the up free expect We million
investments our of tax With now repatriating while funding reform, $XX final and we third With an lead million cash Michelle, to a potential private XXXX. and continuing we're in please you our for no that call fiscal cash expect fiscal $XX a fiscal notes under for cash credit approximately with in million to during fiscal senior our million borrowing favorable repatriated offshore what This as employees revenue closing cash our I to for limit U.S. June, ask share we the as seven Subject questions. still been intend free we range $XXX million working mature, higher which We APAC comment. capital current investments, We regard to second to $XX the XX-year times, need anticipated million our to of accelerated in spending spending open under million. execute anticipate arrangements yourself refinance we to million $XXX the Michelle? This the expect bonus, during and our capital facility. changes XXXX. have follow-up. quarter. working maturities capital at at the capital revolving to from notes one We one purchasers will with $XX refinance allocation One have notes. for repurchases, and quarter, the of experiencing one-time additional will extended well There June, question placement. Given through inventory non-executive million in time combination revised the flow the $XXX support $XXX of strategy. region through rates to rewarded additional made reduced both that, funded estimate to
